AS Tallinna Sadam (TSM1T) Q3 2025 earnings summary

Executive summary

• Cargo volumes increased by 8% year-over-year in Q3 2025, with stable growth in passenger numbers (+1.4%) and eight first-time cruise ship visits.

• Nine-month results were positively impacted by growth in passenger numbers, cargo volumes, and vessel calls, but negatively affected by fewer charter days for the icebreaker Botnica and changes in dividend tax rates from 2025.

• Project-based additional work for the icebreaker Botnica and ongoing legal proceedings, including a cassation in a criminal case and a bankruptcy case.

• Profit was boosted by land sales for the Rail Baltica project and insurance compensation received in Q1.

Financial highlights

• Q3 2025 revenue rose 1.5% year-over-year to €31.7M; 9-month revenue decreased 1.4% to €89.5M, mainly due to reduced Botnica charter activity.

• Adjusted EBITDA grew 16.7% in Q3 and 10.8% for the 9-month period; Q3 margin improved to 48.9%, and 9-month margin to 50.6%.

• Operating profit increased 32.4% in Q3 and 20.3% for 9 months; net profit up 54% in Q3 and 27% for 9 months.

• Investments totaled €8.8M in Q3 and €20.8M for 9 months, down 37.7% year-over-year.

• Dividend payout remained at €0.073 per share, totaling €19.2M.

Outlook and guidance

• Passenger business recovery continues, with 10 cruise ship visits expected in Q4.

• Industrial park development ongoing at Muuga and Paldiski, with new land tenders and construction permits issued.

• Efficiency improvements and real estate development preparations underway.

• Full recovery to 2019 levels will take time, but positive effects from increased cargo and passenger activity are expected.